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How Much Earnest Money Do I Need

Every home buyer loves the process of visiting homes and finding that perfect place to call home. Sitting down and writing the offer is not always as much fun! For many people, the process of buying a home is something they go through only once or twice in a lifetime. New terms and questions come are the norm as the purchase agreement is prepared. As a Realtor in the northeast Twin Cities metro, whether I am working with first time buyers, move-up buyers or empty-nesters, one question always stops the process for a moment of discussion. How much earnest money are you prepared to offer?

The amount of the earnest money varies with each purchase agreement. A buyer must first understand the purpose of the earnest money to determine the right amount to include with the offer.

Earnest money is the funds that a buyer puts down to demonstrate to the seller their seriousness about buying a home. It should be an amount sufficient enough to indicate to the seller that the buyer will not walk away from the deal without good reason. In Minnesota this is traditionally 1% of the purchase price but it can be up more. A lower amount can also be acceptable with some offers. However it is important to be realistic.

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Attorney Jack Garson on the changing real estate market
in Bethesda, MD, is interviewed about the sudden shift in the residential real estate market-- from a "Panic to Buy" to a "Panic www.garsonlaw.com
Noted business attorney Jack Garson, founding principle of Garson Claxton in Bethesda, MD, is interviewed about the sudden shift in the residential real estate market-- from a "Panic to Buy" to a "Panic to Sell." He has vital suggestions for all homeowners on how to handle the rapid change.


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In The Event Of Default Foreclosure Hold Back

Problems Are Here

Whichever the problem, you havent enough money to go round and you begin to pay late. In the end, you just cant hold it any longer and you cut the line. Default is here. What next? Before we start thinking about foreclosure or repossession, there are some alternatives that depend mainly on what you do with what you have. It will make all the difference in the world.

The Alternatives

If you have missed a payment and have the means to make up for it in the near future, say a month or two, see your lender immediately and explain the situation. Although itll cost you a few bucks on punitive interest, its not so bad. Youll get by. The problem comes when you cant continue paying.... View the rest of this article by visiting BuyerBeWhere.com at the link above...


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